Elliott Wave Analysis of the S&P-500 e-mini futures contract (ES) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Based on the Euro possibly being overdue for a relief rally, as well as what counts best (at least in the contract, which isn’t as reliable as the index) as 5 waves up in the S&P starting Tuesday, the alternate count depicted above must be considered, although my main count (shown in the Sept 2 post) is continuing to hold up well.

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Note added after sleeping a few hours: The Euro broke though my technical level overnight of 1.38 (during the London session . . overnight in the US), and is now, in my opinion, in wave 3 blue of wave 3 black, and is continuing to move downward impressively, as it should if that count is correct. This adds additional weight to my main SPX wave count (last presented in the Sept 2 post), and lessens the likelihood of the altenate view shown earlier in this post. Invalidation (Euro) is now at the wave 2 blue high of 1.415.

My name is Sid Norris and welcome to Elliott Wave Plus! I’ve been an active investor, trader, and student of the markets for over 30 years. Elliott Wave Plus is the culmination of everything I've learned about technical analysis of the financial markets.